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The transmission mechanism of new and traditional instruments of monetary and macroprudential policy

Principal findings of the academic conference held  on 13 and 14 October by the National Bank of Belgium on the theme “The transmission mechanism of new and traditional instruments of monetary and macroprudential policy”

Helicopter money and debt-financed fiscal stimulus: one and the same thing?

Banknotes falling from the sky? Not really a panacea …

Monetary and fiscal policy in the euro area: independent but connected

A unified monetary policy but national fiscal policies in the euro area: what have we learnt over the last few years?

The ABC of quantitative easing - Or the basics of asset purchases by central banks

«Why have central banks implemented  asset purchase programmes? How do these programmes exactly work and how do they affect the economy?» Using a Q&A format, this article explains this «new  weapon» of monetary policy

Interactions between monetary and macroprudential policy

The financial crisis has led to the adoption of macroprudential policies – also in Belgium - which do interact with monetary policy. This article deals with the interactions and possible conflicts between these two policy domains. We illustrate this by an assessment of the current situation. Although beneficial for macroeconomic and hence financial stability, the impact on financial risk taking of the unprecedented monetary easing requires close monitoring.

Causes and implications of the low level of the risk-free interest rate

Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis

Inflation differentials in the euro area: size, causes, economic policy implications and relative position of Belgium

Inflation persistence and price-setting in the euro area : results of the Eurosystem Inflation Persistence Network

The liquidity management of the Eurosystem during the period of financial turmoil